Randy Plavajka
PERE Credit’s Lending Barometer tracked122 loans totaling $23.31bn across January and February.
The transaction is expected to close April 9 and is a positive notch toward further institutionalization for the niche financing category.
The project’s capital stack also includes a senior loan from Kennedy Wilson and junior mezzanine financing from InterVest Capital Partners.
The firm has been active as a senior and mezzanine lender and worked in both capacities to back Pearlstone Partners’ development of an Austin condominium project.
The borrower is a joint venture between Blue Vista and Cabot, Cabot & Forbes, owners of a Class A property in the Brighton submarket.
The affordable housing development’s financing is being led by New York State Homes and Community Renewal.
Nuveen Green Capital’s Jessica Bailey talks about the potential runway for the niche financing strategy.
The funding will be used by KS Group and Alma Realty for the first phase of Astoria Cove project featuring four mixed-use rental assets.
SomeraRoad and Trestle Studio will use the funding to develop a 30-story combined hotel and condominium asset.
The financing will be used by Steiner NYC to buy out their equity partner JPMorgan Asset Management and capitalize the Hub.